Sell Gold to Gold Buyers or Other Dealers?

Are you in need of urgent cash and finding the best options to sell gold? You should know that selling gold is sometimes the best option to regain financial stability. 

There are chances you can make huge profits when you sell gold. You might wonder how, isn’t it? The answer to it is simple. With everyday rates of gold fluctuating, you can expect a profit if you are selling your old gold ornaments. 

But can you get the same amount when you sell this ductile metal? We are one of the best places to sell gold in Bangalore and would like to help you understand where you should sell this metal called gold.

# Gold Dealers

Gold dealers are people or businesses that deal with gold. They might either sell, pledge or buy gold. These are the people whom you can trust when you are dealing with gold.

There are only three kinds of gold dealers that can help you get cash for your gold by selling it to one of them. The three are:

1. Gold Buyers to Sell Gold

As the name describes their gold dealing profession, gold buyers are your best option to sell gold. The simple reason is that they help you sell gold at the best fair price and you will walk out happy for sure. 

2. Pawn Shops to Pledge Gold

Pawn shops are gold dealers that help you pledge gold. You can get cash when you keep your gold as collateral with them. You can only get a part of the amount that your gold is worth. Besides pledging gold, pawn shops also buy gold from you. But the cash you receive on selling is quite less compared to any gold buyers offer.

3.Jewellery Store to Buy Gold

A jewellery store is the place where you can buy gold in any form. You can easily buy gold as coins, chains, bracelets, bars, rings, etc. You should know that a jewellery store only sells gold to its consumers. 

They help you with selling gold, but you cannot expect to get actual money in return. They will only help you convert your old jewellery into any other forms of gold. It is more like exchanging your old gold for new gold.  

# Which is the Best Place to Sell Gold?

After understanding the different gold dealers and what they are good for, you should know which one of them you should search for when you are selling gold.

1. Transparent Process:

When you hand over your gold to the gold dealer, they would have to clean it, weigh it and check the purity before drawing the last price of it on that day.

Many gold buyers would carry out selling gold transparently. Everything just happens right in front of you. There would be no discrete process at all. Once you hand over your gold to the gold buyer, they would clean, weigh and check the purity right in front of you by using advanced technologies.

Pawn shops would clean and weigh your gold in front of you, but for checking the purity, that’s where the problem starts. Pawn shops would melt your gold to check its purity because of the lack of high-tech stuff. This would make you sell it with them, giving you no other choices.

A jewellery store does the same thing as the gold buyer, but there are chances they might steal some parts of gold and make it seem like a little lesser. The best option is going back to the jeweller you bought the gold from. They would make the process transparent and adjust the value to your new gold.

2. Instant Cash:

After selling your gold, you should always expect an instant payment. Payments these days can take only an hour long. With improvements in technology, you can expect the payment to reach your bank account in just a few seconds as well. 

All gold buyers offer to pay you cash for gold at the very moment you accept the value they are offering. If the amount ends up to be huge, they would transfer the amount through bank payments such as UPI, NEFT, RTGS or IMPS.

A pawn shop would give you cheques, or cash, and very few do bank transfers. It is hard to trust these payment methods as they would delay the payment you should receive. 

A jewellery store would only exchange your gold for new gold and would never pay you any sum of cash.

3. Original Receipts:

When you visit the gold dealer’s store, make sure you are carrying the invoice of the gold. An invoice will only help clarify if the details mentioned in it are like what the gold dealer has to say.

A gold buyer would refuse to buy gold from you if you cannot furnish the invoice. This is because some people sell stolen gold and this would bring forward legal complications. So easing all of that, a gold buyer insists you carry a bill to prove you are the rightful owner of the gold.

Other gold dealers would not really insist on showing the bill before making the sale of your gold.

4. Value For Your Gold:

The most important of all is the value you will receive after evaluation of your gold. You should ensure that there are no extra charges that are being levied on your gold. You should receive whatever is the gold price on that day. 

All gold buyers help you get the fair value when you are about to sell gold. They deduct a certain amount as service charges and the rest of the amount is yours.

The other gold dealers charge you for so many things. They would deduct the value of gold by adding melting charges, cleaning charges, service charges and other petty charges. This will make you receive only 60-70 percent of your gold value.


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